Recognising this chance, shrimp exporters are upgrading their production as part of efforts to prepare for integration, even before the TPP is even ratified.
Over the past two harvest seasons, this company has adopted Global Gap and ASC standards - the highest standards in aquaculture - for their 200-hectare shrimp farm. The pond bottom is now covered with tarpaulin, which has increased the costs of the facility 6-fold. The business is confident it will meet the technical and product-quality requirements of TPP members.
Shrimp products have also been improved on a technical level. Instead of producing raw products, this firm has shifted to processed shrimp such as powder soaked shrimp and sushi. These refined products account for about 80% of the company’s shrimp export value.
According to exporters, processed shrimp products will play a major role in shrimp exports to TPP members. With processed shrimp, firms can save up to 40% on input materials, while simultaneously increasing retail prices by 40-50%. This results in higher profits as well as less pollution, which protects the environment.
"We are on the right track. Now that we give priority to quality rather than quantity, we’re trying to improve techniques and labour skills. So not only the final product but the whole production process will be improved", Nguyen Dinh Duc, agricultural economic expert, said.
TPP members account for nearly 50% of Vietnam’s total seafood export value. Export volumes are expected to grow by 10-20% in the future and accelerate development of the sector.
